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Sadara Seeks Funding Amid Saudi Liquidity, International Lender Uncertainty
...e approach to ECAs just after the final investment decision was announced on 25 July last year (MEES, 8 August 2011). It was only once meetings were wrapped up with the ECAs – they finished in April – that banks were officially approached. Saudi institutional lenders, the Public Investment Fund (PI...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Yemen LNG Pipeline Hit Again As Hadi Steps Up AQAP Offensive
...e key pipeline, which to this day has not yet been repaired (MEES, 24 October 2011). International oil companies (IOCs) meanwhile are remaining very cautious with regard to their short term plans in Yemen, with most admitting a return of foreign staff to the Gulf state is still far off. “Th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Tunisia: Oil Production Slump Exacerbates Budget Shortfall
...TUNISIA Tunisia: Oil Production Slump Exacerbates Budget Shortfall Tunisia, the country that started 2011’s Arab Spring, was much less rocked by violence than neighboring Libya and nearby Egypt. But economic and political turbulence combined with a (largely unrelated) slide in cr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Ankara Assumes Critical Regional Energy Role
...ake in the OMV-operated Bina Bawi block for $175mn. Bina Bawi has run into problems on wells since striking oil in 2010. A second well was abandoned in late 2011, while a third found hydrocarbons, but failed to reach target depth. But partners have confidence in the block and are eyeing an, albeit de...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IEA Sees Global Demand Rising To 90Mn B/D During 2012
...r 2011 oil consumption. The Paris-based agency said non-OECD countries would account for all of the growth, with demand rising from 43.5mn b/d to 44.8mn b/d, and that demand in OECD countries would fall from 45.6mn b/d to 45.2mn b/d. The IEA said data for the month “paints a marginally ti...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Egypt Refining And Petrochemical Projects Make Progress On Financing
...s able to press ahead when new investors agreed to participate in July. They comprise Egypt Kuwait Holdings, Yemen’s Hayel Saeed Anam Group, the Saudi Economic Development Company and Cairo-based Tri Ocean Energy (MEES, 12 September 2011). EHC announced last year it has started developing a second pr...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Saudi Aid Starts Heading To Egypt
...reign exchange reserves, which have fallen by almost half since the overthrow of the Mubarak regime in January 2011. It also includes $500mn to finance priority development projects currently under implementation by the Egyptian government, as well as $250mn for the Egyptian General Petroleum Co...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Iran Denies IEA Oil Storage Estimate
...provide alternative insurance coverage to European P&I.” Meanwhile, on 15 May India approved a decision to limit imports from Iran by 11% during the current fiscal year. This is expected to reduce India’s imports of Iranian crude from 127.8mn barrels in fiscal year 2011-12 to 113.6mn ba...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
POGC Announces Plan To Revive North Pars/LNG Development
...OC) signed a contract with China’s CNOOC in 2006 for a $16bn development of the field and associated LNG project (MEES, 25 December 2006). Mr Souri’s announcement comes some 18 months after CNOOC reportedly removed its engineers from the project. Mr Souri said that in 2011 CNOOC had “withdrawn from th...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IOTC To Increase Oil Storage Capacity At Neka
...2011-12 averaged only 20,000 b/d. Iran halted Caspian swaps in 2010 (MEES, 21 June 2010), when the volume was estimated at 90,000 b/d, and restarted them in August 2011 (MEES, 15 August 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Jordan To Implement Austerity Measures Shortly
...en received so far (MEES, 26 December 2011). Last year Saudi Arabia granted Jordan $1.4bn in budget support (MEES, 1 August 2011). At the meeting with the editors, the Minister of Finance Sulaiman Hafiz disclosed that government subsidies currently total JD2,386mn ($3,364mn) annually. He wa...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
IMF Joins Chorus Calling Kuwait’s Spending Unsustainable
...ile the fiscal year 2011-12 breakeven crude oil price of $44/B is much higher than the $17/B needed just before the global financial crisis of 2007-08, Kuwait’s ratio of breakeven prices to current market prices remains similar, the IMF said. ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Kuwait’s LNG Project In Australia Makes Progress
...mn t/y (MEES 5 September 2011). ...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Pirates Capture Tanker Offshore Oman, EU Fires Warning Shot
...mp near a stronghold at Harardhere, in the Mudug province of central Somalia. According to Oceans Beyond Piracy, a project of the non-profit One Earth Future Foundation in Colorado, Somali piracy cost the global economy $6.6-6.9bn in 2011, with the industry being forced to cover over 80.5% of this to...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Syrian Oil Minister Admits Shortage Of LPG And Gasoil
...ked By 25% With the current shortage of gasoil, the Ministry of Economy and Trade has announced a 25% increase in the price of gasoil from S£15/liter to S£20/liter with effect from 15 May. The price of gasoil was reduced on 24 May 2011 to S£15/liter from S£20/liter in a bid to lower the cost of li...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
UAE Joins Gas Exporting Countries Forum
...an, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela as part of the GECF, a forum established to protect the interests of gas exporters. The GECF held its first summit in November (MEES, 21 November 2011). With natural gas reserves of around 6 trillion cu ms, the UAE has the seventh la...
Volume: 55Issue: 21Published at Mon, 21 May 2012 -
Baghdad Kicks Off Production Target Talks
...ghdad – the controversial al-Qush and Baeshiqa blocks that lie in disputed territory (MEES, 21 November 2011). ...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Algeria Looks To New Terms To Boost Unconventionals Investment
...ree bid rounds conducted since Algeria introduced the current hydrocarbons law (in 2008, 2009 and 2011), with only nine blocks awarded out of 36 on offer (MEES, 21 March 2011). The changes will have their limits: the rule requiring state firm Sonatrach takes a 51% stake in all contracts will st...
Volume: 55Issue: 20Published at Mon, 14 May 2012 -
Iraq Spearheads OPEC Output Surge
...ril 2011 – April 2012 (MEES Estimates – '000 B/D) 2012 2011 Apr Mar Feb Jan Dec No...
Volume: 55Issue: 20Published at Mon, 14 May 2012